Leaving your trade might have significant effects on your benefits plans. A lot will depend on how long you have been in your current trade, and whether or not you are fully vested. Whatever the reason may be for your leaving the industry, you should review your benefits plan to determine the effect this career change will have.

Plan Checklist

Once you have left your industry, are no longer working in covered employment and you have exhausted your eligibility for health coverage, under most circumstances you may elect to self-pay on a monthly basis to stay covered under the continuing coverage provision for up to 18 months.

You should check your vesting status under the Retirement Plan and Individual Account Plan to determine whether you are vested for a pension benefit. Since this benefit will not be payable until you reach the required age, you must keep your address information current with Carpenters Trusts.

If you are vested and married when you leave the industry and you later become divorced, be sure to deal with the division of your pension benefits at the time of your divorce. If you wait until you reach retirement age to do this, you may experience a considerable delay before you can get the paperwork straightened out and can begin receiving benefits.